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REGISTERED NUMBER: 03749605 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

INTERNATIONAL ELECTRIC COMPANY LIMITED

INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INTERNATIONAL ELECTRIC COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







Directors: S J Cash
I J Cash
C J Hendy





Registered office: 10 Stadium Business Court
Millennium Way
Pride Park
Derby
Derbyshire
DE24 8HP





Registered number: 03749605 (England and Wales)





Accountants: Haines Watts (East Midlands) Ltd
10 Stadium Business Court
Millennium Way
Pride Park
Derby
Derbyshire
DE24 8HP

INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £ £
Fixed assets
Intangible assets 4 169,600 331,799
Tangible assets 5 4,517 -
Investments 6 1,201 100
175,318 331,899

Current assets
Debtors 7 324,107 4,801
Cash at bank 14,377 28,393
338,484 33,194
Creditors
Amounts falling due within one year 8 (760,169 ) (595,948 )
Net current liabilities (421,685 ) (562,754 )
Total assets less current liabilities (246,367 ) (230,855 )

Capital and reserves
Called up share capital 800 800
Share premium 99,960 99,960
Retained earnings (347,127 ) (331,615 )
(246,367 ) (230,855 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605)

BALANCE SHEET - continued
30 SEPTEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2024 and were signed on its behalf by:





S J Cash - Director


INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

International Electric Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Patents
Patent costs are recognised as intangible assets when each project is in the developmental phase. Costs incurred during the research phase of each project are expensed to the profit and loss account in line with FRS 102.

Patents and licences are being amortised evenly over their estimated useful life of 20 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Patents and
licences
£
Cost
At 1 October 2022 393,019
Additions 114,063
Disposals (337,482 )
At 30 September 2023 169,600
Amortisation
At 1 October 2022 61,220
Amortisation for year 7,652
Eliminated on disposal (68,872 )
At 30 September 2023 -
Net book value
At 30 September 2023 169,600
At 30 September 2022 331,799

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£
Cost
Additions 5,646
At 30 September 2023 5,646
Depreciation
Charge for year 1,129
At 30 September 2023 1,129
Net book value
At 30 September 2023 4,517

INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
Cost
At 1 October 2022 100
Additions 1,101
At 30 September 2023 1,201
Net book value
At 30 September 2023 1,201
At 30 September 2022 100

During the year, two subsidiaries were formed:


CASSIOPeiA Solar Ltd
UK company with issued share capital of 1,001 ordinary £1
shares, controlling interest

Phased Arrays Ltd
UK company with issued share capital of 100 ordinary £1
shares, wholly owned

Existing wholly owned subsidiaries were as follows:



IECharge Ltd
UK company with issued share capital of 100 ordinary £1
shares

International Electric Company Inc
US company with authorised share capital of 1,500 shares of
no par value

All subsidiaries are currently dormant apart from CASSIOPeiA Solar Ltd, which is non-trading.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 11,363 -
Amounts owed by group undertakings 269,375 614
Tax 41,087 -
VAT 2,179 4,145
Prepayments and accrued income 103 42
324,107 4,801

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 19,398 -
Accruals and deferred income 2,500 12,677
Directors' current accounts 738,271 583,271
760,169 595,948

INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following capital introduced by a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£ £
C J Hendy
Balance outstanding at start of year 583,271 502,271
Amounts advanced 155,000 81,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 738,271 583,271

10. RELATED PARTY DISCLOSURES

Amounts were paid in the year to SICA Design Ltd, a company owned and managed by I and S Cash, as follows:

20232022
£   £   

Consultancy services87,50076,135


The following balances were payable to SICA Design Ltd at the year end:

20232022
£   £   

Trade creditors6,72076,135